Stocks rose in the Asia-Pacific region, and the Bank of Japan made no change to its return target

Gaming stocks rise after China grants licensing approvals

Hong Kong-listed gaming stocks rose after China Granting licensing approvals for 88 gamesamong them NetEase, Tencent Holdings and miHoYo, marking a further easing of Beijing’s gaming campaign.

shares netease It jumped to 6.81% in early trading, hitting its highest level in more than four months. Tencent Shares rose 0.11%.

Lee Ying Shan

The Bank of Japan is likely to raise the yield curve controlling another 50 basis points: UBS

Tan Teck Ling, executive director of global wealth management at UBS, said the Bank of Japan is likely to extend the 10-year Treasury yield curve control band by another 50 basis points to a 1% range below and above its 0% target.

“The scenario of a complete abandonment of YCC is unlikely,” he said on CNBC’s “Squawk Box Asia,” adding that such a move would be “uncharacteristic” for a central bank.

“I think the easiest thing for them to do is take the cap off, and let it find a fair value – but again it comes down to a very big skepticism, which is why we think that, as a compromise, they should at least bring it up to the 1.0% cap.”

return on 10-Japanese government bond year It crossed the upper end of its range for the fifth consecutive session on Wednesday morning ahead of the Bank of Japan’s monetary policy announcement.

Japan’s core manufacturing orders for November fell more than expected

Japan’s November private manufacturing orders fell 8.3% from the previous month, According to official data.

The decline was much larger than Reuters’ forecast of a 0.9% drop. On a yearly basis, manufacturing orders fell 3.7%.

Machine numbers in the private sector exclude orders from the volatile orders of ships and electric power companies.

– Lee Ying Chan

CNBC Pro: Are you thinking of returning to the world of big tech? This investor is wary of 2 stocks in particular

CNBC Pro: Morgan Stanley says cheaper electric cars are coming – and states that global stocks will benefit

With electric vehicles becoming more and more popular, new manufacturing technology that could make them more affordable is gaining traction, according to Morgan Stanley.

The Wall Street bank said some automakers are outsourcing the process, which could benefit three major Asian parts suppliers.

CNBC Pro subscribers can read more here.

– Ganesh Rao

Stocks ended the day mixed, and the Dow fell nearly 400 points

The Dow Jones Industrial Average fell to end the day, as Goldman Sachs shares weighed on the stock index.

The Dow Jones lost 391.76 points, or 1.14%, to close at 33,910.85 points. The S&P 500 fell 0.2%, to 3,990.97. The Nasdaq Composite Index rose 0.14% to end the day at 11,095.11.

– Tanaya McHale

Bank of America sees a later onset of recession

The recession probably won’t start now until later in 2023 as consumer spending has been stronger than expected and the Federal Reserve has eased as it ramps up interest rate hikes, according to Bank of America.

“We are delaying the timing of our forecast for a moderate recession in the US economy by about a quarter given the resilience of consumer spending at the expense of strong labor markets, excess saving, lower energy prices, and easier financial conditions,” the company said in a statement. Customer note. “However, we believe that the headwinds will push consumers to spend less and drive the saving rate higher as the year progresses.”

That puts a recession in the second quarter, driven by an investment-led slowdown seeping into consumer spending.

After raising the benchmark borrowing rate by 4.25 percentage points in 2022, the Fed is expected to ease, with an increase of 0.25 percentage points in February. This is expected to be followed by an additional quarter-point increase in March and May.

The company said interest rate cuts likely won’t come until 2024.

– Jeff Cox

Goldman Sachs shares fall on losing profits

Goldman Sachs shares fell 2.4% after Wall Street The investment bank shared fourth-quarter earnings results that it missed Analyst forecasts on both profits and losses.

The bank reported earnings of $3.32 per share on $10.59 billion in revenue. Consensus estimates called for earnings of $5.48 per share on revenue of $10.83 billion, according to analysts surveyed by Refinitiv.

Provisions for credit losses also came in slightly above expectations.

– Heo Soon, Samantha Sobin

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